Total SA (TTE) and Abu Dhabi Future Energy Company, also known as Masdar, have established a joint venture valued at $2.2 billion to combine their onshore renewable energy operations across nine Asian countries.
The two companies announced on Thursday that the joint venture will serve as the exclusive platform for developing and operating onshore solar, wind, and battery storage projects in markets such as Azerbaijan, South Korea, Indonesia, and Japan.
Each company will hold a 50% stake in the Abu Dhabi-based joint venture, which will employ approximately 200 staff from both organizations. Management appointments will be announced at a later date.
The joint venture's portfolio will include 3 gigawatts of operational capacity, with an additional 6 gigawatts expected to be connected to the grid by 2030. Both partners will contribute assets of equivalent value.
Patrick Pouyanné, Chairman and CEO of Total SA, stated that the collaboration enables both companies to leverage their strengths and expand across nine Asian markets, creating greater value than they could achieve independently.
Sultan Al Jaber, Chairman of Masdar and UAE Minister of Industry and Advanced Technology, noted that the UAE has established itself as a global energy leader, with Masdar playing a pioneering role in renewable energy development across Central Asia and the Caucasus.
He added that Asia is expected to be the primary driver of global electricity demand growth this decade, and the partnership will help accelerate Masdar's expansion.
Masdar aims to achieve 100 gigawatts of installed capacity by 2030.
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